Update from the Chairs of the Financial Services Regulatory Initiatives Forum
The Regulatory Initiatives Grid (the Grid) sets out the regulatory pipeline, in order to give firms a clear view of upcoming regulatory initiatives. The FCA and PRA are now providing a short update following Royal Assent of the Financial Services and Markets Act 2023 (FSMA 2023), given its significance for the financial services regulatory landscape. This update follows the last full Grid published in February 2023.
This update touches upon steps regulators are taking to reflect new obligations and accountability mechanisms introduced by FSMA 2023, the future use of the Grid to provide updates on the regulatory framework reforms, and other significant developments outside of FSMA 2023.
A full update of the Grid is planned for the last quarter of 2023, where we will update on all changes for all initiatives as usual. Following this, we expect to return to the usual intervals of publishing biannual updates to the Grid.
The Forum is comprised of the Bank of England (including the Prudential Regulation Authority), Financial Conduct Authority, Payment Systems Regulator, Competition and Markets Authority, Financial Reporting Council, The Pensions Regulator, and Information Commissioner's Office, with HM Treasury attending as an observer member.
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